Singtrix Shark Tank Net Worth 2023
The Singtrix cofounders, John Devecka and Eric Berkowitz, appeared on the television show “Shark Tank” with the intention of securing an investment of $1.5 million in exchange for a 5% stake in their company.
They valued their business at $30 million, based on their experience and knowledge of the industry, which they believed gave them the potential to earn significant profits.
Unfortunately, it is not currently known what the net worth of Singtrix is at this time.
What is Singtrix? Who are the Founders of Singtrix?
Singtrix is a smart karaoke machine that can be found in New York.
The Singtrix kit allows users to play music by connecting a smartphone or tablet, whether it’s from their own collection, YouTube, or the Singtrix app’s library, which contains over 13,000 songs. The device immediately eliminates vocal recordings so that users can sing along.
The Singtrix Party Bundle includes everything you need to get started, such as a 40-watt 2.1 channel speaker with a built-in subwoofer, two bespoke microphones, an adjustable mic stand, and phone and tablet holders. Singtrix is unique in that it allows users to add harmony or replicate their favorite artist’s voice.
Users can adjust the degree of harmonic vocal compensation, which can make mediocre singers sound like professionals and great vocalists sound like rock gods. This tool can transform anyone into a true rock vocalist.
Singtrix was founded by John Devecka and Eric Berkowitz of New York City, who were also the inventors of the original Guitar Hero.
It all began with a karaoke drumming game called Drumscape, which they created in the 1990s. John initially created the prototype in his parent’s garage, and the pair then applied for and were granted patents on their invention.
‘MTV Drumscape,’ the world’s first drumming video game, was released in 1999 and became an instant hit in arcades worldwide.
Activision purchased all of John and Eric’s music game patents in 2004, and the first Guitar Hero game was released in 2005 for the PlayStation 2.
However, they were not content with merely providing millions of people with fake rock glory and decided to turn their imaginative gaze to the singing profession. Karaoke is a global craze that originated in Japan and has now spread throughout the entertainment industry.
When it first arrived in America and Europe, it quickly became a common and joyful event for fun-loving people of all ages, as well as a source of countless terrible performances from those whose blood-alcohol level far exceeded their ability.
The impact of karaoke on many generations cannot be overstated, but can such an enjoyable experience be improved upon?
John and Eric believed it could and created an electrical toolbox capable of transforming even the most dissonant shriek into a perfectly tuned vocal. They launched Singtrix in 2014 and appeared on Shark Tank six months later, in October of that year.
Singtrix Shark Tank Pitch
John and Eric made an appearance on season 6 episode 7 of Shark Tank to seek a $1.5 million investment in exchange for a 5% stake in their company, which would result in a $30 million valuation.
They showcased their product, Singtrix, and amazed the Sharks with its unique voice effects. The Sharks were impressed when John sang using Singtrix and offered various investment options.
Mr. Wonderful offered $1.5 million for a 50% stock at first, while Robert Herjavec provided $1.5 million for a 20% ownership in Singtrix with no further conditions.
Lori initially offered $1.5 million for 30% but later reduced her stake to 10% with a $2.50 royalty after 18 months. Daymond offered $1.5 million for a 25% stake in the firm and also agreed to finance the company’s orders.
However, the deal fell through as John and Eric were inflexible in their approach, which led to all the Sharks withdrawing their bids.
Singtrix did not get a deal in the Tank, but they were able to secure a transaction with a significant consumer electronics distributor.
The distributor later sold the international distribution rights to VOXX Electronics, but the Singtrix factory in China was destroyed in a fire in August 2017. The factory owner refused to provide information, which strained the relationship with VOXX.
In 2018, VOXX ended the partnership, and Singtrix suffered losses due to the lack of manufacturing insurance.
However, they had a successful IndieGoGo campaign in 2019 that raised $330,739, and they established a new partnership with a separate Chinese firm.
They were able to create a less expensive product with the same functionality as the original Singtrix due to crowdsourcing. As of November 2021, Singtrix is back in business with an annual revenue of $5 million.
What is Net Worth of Singtrix?
Singtrix cofounders John Devecka and Eric Berkowitz entered the tank seeking $1.5 million for 5% shares, valuing their firm at $30 million.
They explain that it’s worth this much since they know what they’re doing and are in a position to make a lot of money.
Current net worth is unavailable.
Who are the Competitors of Singtrix?
There are no competitors identified for Singtrix.
Singtrix FAQS
What is Singtrix?
Singtrix is a karaoke machine that is meant to sound like a million dollar recording studio and feel like a live musical event.
It employs the same live voice tech that the pros use to ensure that they sound wonderful.
Their home karaoke system seamlessly syncs with their preferred mobile device, giving them fast access to hundreds of songs.
Who founded Singtrix?
John Devecka and Eric Berkowitz founded Singtrix.
How much were they seeking in the Shark Tank?
They were seeking $1,500,000 investment in exchange for 5% stakes in the firm.
Did they get the deal from the Sharks?
They did not received any investment from the Sharks.
Where is Singtrix located?
They are located in New York City.
What payment methods does the Singtrix online shop accept?
They accept VISA, MasterCard, Discover, AMEX, PayPal, Apple Pay, Diners Club, and JCB credit cards, as well as gift cards. Debit cards will not be accepted.
When will their order ship?
In-stock orders are processed and sent within 48 hours.
When their order is dispatched, they will receive an automated shipment confirmation e-mail with a tracking number.
Make sure they add [email protected]singtrix.com to their contact list so that alerts do not end up in their spam or garbage bins.
Can they interface Singtrix with other software, apps and systems?
Singtrix connection is only based on analog communications.
The music fed into Singtrix must be analog, and the audio output from Singtrix must also be analog.
There is no digital interlace that may be used with recording software, applications, or other systems.
Do they recommend a remote battery pack for Singtrix?
Yes! They tested Singtrix with the DURACELL POWERPACK 600 BACKUP UNIT backup battery pack, which allowed them to listen to music at maximum volume for 10+ hours on a single charge.
What is website address of Singtrix?
The website address of Singtrix is www.Singtrix.com
Do they offer free shipping?
Yes, they offer free shipping on contiguous United States.
Will they ship internationally?
No, they only ship within the United States and its territories.
What is net worth of Eric Berkowitz?
Eric Berkowitz’s net worth is unavailable.
What is net worth of John Decka?
John Decka’s net worth is unavailable.
